Feds helping out cities with tax subsidies for new stadiums

Congratulations America! We are part owners of the New Yankee Stadium!

The federal government just gave America’s richest sports team another gift.

For the second time in two years, the Internal Revenue Service has approved special rules that allow the Yankees to use additional tax-free bonds to pay the skyrocketing costs of the team’s new stadium.

The IRS has cleared the way for more tax dollars to help house city sports teams, including the Yankees’ and Mets’ new stadiums and the planned Nets arena in Brooklyn.

The Yankees have approval for $942 million in tax-free bonds but claim they need $366 million more to finish the stadium.

The Mets received approval for $612 million in tax-exempt bonds, but have not asked for more. Their new stadium is nearing completion.

Developer Bruce Ratner says he’ll need $800 million in tax-exempt bonds for his $950 million arena in downtown Brooklyn. Construction has not begun and the project is behind schedule.

But there is a major investigation going, by none another than Dumbo ears Dennis Kucinich. Do you think that Obama and Kucinich could possibly be related?

The committee, headed by U.S. Rep. Dennis Kucinich (D-Ohio), is investigating allegations of inflated land assessments and other improprieties connected to the city’s sponsorship of the first tax-free bonds for the project.

Those original bonds for $942 million also required a special IRS ruling.

Kucinich told Mayor Bloomberg in a letter last week that the city’s Finance Department overvalued the land and the construction costs of the new stadium by as much as $500 million. He also claimed city officials lied about that assessment to the IRS so the Yankees could qualify for the tax-free bonds.

This is where American’s are so STUPID. If our politicians really cared about us, they wouldn’t do BS like this. Let the teams and the cities figure out how to pay for this shit. The Feds should not be getting involved in this. And besides, I HATE THE YANKEES!

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